What changed in a 10-K, sentence by sentence.
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Apple Inc. · 10-K · Item 1A · FY2025 vs FY2024
108
risk-factor sentences rewritten
Source: Apple Inc. Form 10-K, filed 31 October 2025 (sec.gov) and 1 November 2024 (sec.gov). Counted by filings.tools, parser 0.2.0, repeated page headers and footers left out.
The Company’s operations and performance depend significantly on global and regional economic conditions and adverse economic conditions can materially adversely affect the Company’s business, results of [removed: operations and] [added: operations,] financial [removed: condition.][added: condition and stock price.]
A real comparison, the start of it
The first 14 changes in Apple Inc.'s Item 1A. Risk Factors, FY2025 against FY2024
Item 1A. Risk Factors, FY2025 filed 31 October 2025 against FY2024 filed 1 November 2024FY2025 on sec.govFY2024 on sec.govcomputed 4 October 2026, parser 0.2.0
Underlined words on a shaded ground are new in FY2025; struck-through words were in FY2024. Sentences that are wholly new or wholly gone are labelled rather than marked.
The Company may not be able to accurately predict, control or mitigate these risks.
Statements in this section are based on the Company’s beliefs and opinions regarding matters that could materially adversely affect the Company in the future and are not representations as to whether such matters have or have not occurred previously.
Because of the following factors, as well as other factors affecting the Company’s results of operations and financial condition, past financial performance should not be considered to be a reliable indicator of future performance, and investors should not use historical trends to anticipate results or trends in future periods.
The risks and uncertainties described below are not exhaustive and should not be considered a complete statement of all potential risks or uncertainties that the Company faces or may face in the future.
This discussion of risk factors contains forward-looking statements.
The Company’s operations and performance depend significantly on global and regional economic conditions and adverse economic conditions can materially adversely affect the Company’s business, results of [removed: operations and] [added: operations,] financial [removed: condition.][added: condition and stock price.]
[removed: In addition to an adverse impact on demand for the Company’s products and services, uncertainty] [added: Uncertainty] about, or a decline in, global or regional economic conditions can [added: also] have a significant impact on the Company’s suppliers, contract manufacturers, logistics providers, distributors, cellular network carriers and other channel partners, and developers.
[added: A significant majority of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in China mainland, India, Japan, South Korea, Taiwan and Vietnam, in addition to sourcing from partners and facilities located in the U.S.] Restrictions on international trade, such as tariffs and other controls on imports or exports of goods, technology or data, can materially adversely affect the Company’s business and supply chain.
Restrictive measures can increase the cost or limit the availability of the Company’s products and the components and rare earths and other raw materials that go into them.
Restrictive measures can [removed: increase the cost of the Company’s products and the components and raw materials that go into them, and can] [added: also] require the Company to [removed: take various actions, including changing] [added: change] suppliers, [removed: restructuring] [added: restructure] business relationships and operations, [added: refrain from offering] and [removed: ceasing] [added: distributing or cease] to offer and distribute affected products, services and third-party applications to its [removed: customers.][added: customers, and increase the prices of its products and services.]
Changing the Company’s business and supply chain in accordance with new or changed restrictions on international trade can be expensive, time-consuming and disruptive to the Company’s [added: business and results of] operations.
Trade and other international disputes can also have an adverse impact on the overall macroeconomic environment and result in shifts and reductions in consumer spending and negative consumer sentiment for the Company’s products and services, all of which can further adversely affect the Company’s business and results of operations.
For example, tensions between governments, including the U.S. and China, have in the past led to tariffs and other restrictions affecting the Company’s business.
Such restrictions can be announced with little or no advance notice, which can create uncertainty, and the Company may not be able to effectively mitigate [added: any or] all adverse impacts from such measures.
An excerpt: the first 14 of 213 content changes in Item 1A, in the order they appear in the filings. All changes in this filing: 632 rewritten, 214 added, 237 removed, 927 unchanged. Repeated page headers and footers are counted apart: 12 lines differ in Item 1A, and the full comparison lists them separately.
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